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Record inflows push Axa Elevate to £10bn

Record new money in March has helped push Axa Elevate’s funds under management to £10bn, Axa Wealth’s quarterly results show.

The platform saw £534m of new assets in the first quarter of 2015, with funds under management rising 26 per cent year-on-year, from £7.9bn in 2014 to £10bn.

An 8 per cent increase in pension sales, £103m compared to £95m last year, meant funds under management at the firm’s specialist Sipp and investment platform rose 8 per cent to £18.5bn from £17.1bn.

Total Axa Wealth funds under management grew 13 per cent to £29.1bn, up from £25.7bn last year.

Axa Wealth CEO Mike Kellard says: “Since the pensions changes were announced last year, we have been working with consumers and advisers on what the new freedoms would mean for them and making sure we were fully ready to respond to their needs. Our enhanced retirement proposition has been designed to help advisers to offer a professional approach to retirement planning, and help people achieve the retirement they want.

“I am very keen to see how consumers react to the changes over the coming months. At the moment we are seeing a lot of interest in the new options we are offering, particularly as we were one of only a few companies that were ‘pension freedom ready’ across our entire suite, including pensions and drawdown, before 6 April. Far from being careless, I am seeing that most people recognise that their money has to last their whole retirement – indications so far are that most people will do the right thing for themselves and their family.”

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